Identify and Evaluate Marketing Opportunities

This document provides a comprehensive guide on how to identify and evaluate marketing opportunities. It covers topics such as laws and codes of conduct, strategies, product life cycle, marketing mix, and evaluation techniques. It also explores the potential marketing opportunities for Marriott's in the hospitality sector and discusses the brand's strengths, weaknesses, and competition.

Identify and Evaluate
Marketing Opportunities
1

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Question 1...............................................................................................................................3
Question 2...............................................................................................................................4
Question 3...............................................................................................................................4
Question 4...............................................................................................................................4
Question 5...............................................................................................................................5
Question 6...............................................................................................................................6
Question 7...............................................................................................................................6
Question 8...............................................................................................................................7
Question 9...............................................................................................................................7
Question 10.............................................................................................................................7
SECTION 2......................................................................................................................................8
1..............................................................................................................................................8
2 Potential marketing opportunities for Marriott’s.................................................................9
SECTION 3....................................................................................................................................12
Covered in PPT.....................................................................................................................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13
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INTRODUCTION
Marketing is an effective and important activity through which the products and services are
made available in the market. it is a continuous process which starts from the promotion and
ends with making the sale (Solcansky and Simberova, 2010). It helps in identifying opportunities
too to business by doing the research and development of the external business surroundings and
facilitates growth. The following report will discuss different concepts related to marketing in
general. Thereafter, it will be highlighted that what opportunities are available with Marriott’s a
big brand in hospitality sector using which it can raise its present scale of business.
TASK 1
Question 1
There are different laws that are formulated by the government of Australia in order to
protect customers as well as the businesses. Their main motive is to develop fair trading in
market so that rights of no party gets effected. Given below are the different laws associated with
suppliers and consumers:
Competition law – There are different statutory frameworks which ensures that the
diverse business operations are carried out in an ethical manner and to keep close monitoring on
same the practices are administered by the Australian Competition and Consumer Commission
(ACCC). There are also other state and territory laws formulated which ensures that no such
practice is carried out by the entrepreneurs which has the capacity to harm users in any manner.
Consumer laws - ACL i.e. The Australian Consumer Law control the terms and
conditions that are involve in a contract and make sure that it does not include ant criteria which
is not fair on ethical grounds.
Privacy law – When costumer use the product or service of a particular brand they do
share their personal information also with the brand. It is important that such data is correctly
stored and used further in a way that it do not harm the privacy of consumer. The OAIC i.e.
Office of the Australian Information Commissioner gives the guideline to how the received data
can be further utilised and what actions would be taken against the law if in case privacy of any
client is hampered (Muralidharan and Raval, 2017).
Employment and labour law – Apart from customers it is very important that protection
to the work force is also given so that they feel safe and secure while working with the
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organisation. In context of same various legislations are designed like laws related to wages and
work hours, workplace safety and health, employee benefit security, leaves etc. It is obligatory
for the enterprises to follow the guidelines for each concern and hence the fair practices are
ensured. It is first identified that what standards are to be followed and accordingly adapted to
continue the smooth function of business.
Advertising law – Marketing is one of the most crucial activity that is carried out in all
businesses. Government has made very clear and detailed guidelines for the marketers which has
to be followed while planning and designing the different promotions programs. For instance,
whatever the brand is clamming in its campaign it must be true and desecration of any of such
practice may result into huge fines and other legal actions depending on the degree of violation
made.
Question 2
In order to carry out the business operations in the market it is important that the marketers
do follow the distinct provisions that are associated with the Australian Marketing Institute Code
of Professional Conduct. It assists in dealing with the various problems that are related with the
changing business environment. With the help of AMICPC trust among the customers is
developed and this way they increase the loyalty and hence achieves the competitive advantage
in the industry (Usachev and Pencheva, 2013).
Question 3
Australian Marketing Institute Code of Professional Conduct helps in knowing the current
trends of the market. by using same it can be identified that adopting what code of conduct the
overall business can be improved.
Question 4
Market Penetration It is a process of increasing the total sales in a particular
market by targeting the potential customers. It helps in
raising the overall sales volume by altering the pricing and
promotion methods of the product in a way that it can
attract more users.
Market Development This is another approach of bringing hike in the total
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revenue. Here business expands its total market area and
start operating in places where it is not presently delivering
it goods and services. This way the number of customers
do increases and hence create better opportunities for the
organisation.
Products Development Customers now a day has become very selective and there
is a common trend of trying what is new in the market.
This way it has become crucial for the organisations to
keep on innovating their products so that maximum
interest of the buyer in buying same can be maintained. If
company gives qual importance to product development,
then there are more chances of customer loyalty and
increase in competitive advantage for the brand.
Diversification Companies use a number of different resources to carry out
their different operations. It is important that effective
utilisation of each is made. For this diversification is good
as using same all the potential business options are adopted
and maximum revenues can be generated. By this process
overall scope of commercial enterprise is increased
(Chamberlain and Brook, 2011).
Question 5
There are four stages involved in the product life cycle of the product which are as
follows:
Introduction – This is the first stage where a new product is first time launched in the
market. At this stage maximum expenditure has to be done by the marketers as in order to
promote the new product advertisements and other promotional programs needs to be carried out.
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Growth – This is the next stage where the organisation start getting the benefits from the
efforts that were taken at the promotion stage. Here maximum sales are found as the product is
new and customers like to try every time a different product.
Maturity – Once the product has crossed the stage of growth it reaches maturity. It is
because new offering has captured the maximum possible clients and now there are no new
consumers to target.
Decline – This is the last stage product life cycle. Here the customers start switching to
another new products and demand for own commodity start declining. It shows that shrinking in
the total market take place and products has reached to its saturation point (Housden, 2012).
Question 6
Marketing mix is a set of different elements that helps in doing business. It consists of
tactics which an organisation can adopt to promotes the products in at the market area. Price
product, promotion, place are the four most important elements of this concept through which
important decisions are taken by the enterprise. It is widely used while doing planning for a new
product or service which need detail tactics before introducing in the market.
Question 7
There are four steps of carrying out market process and by following same the goals and
objectives can be successfully achieved.
Discovery – this is the first step where maximum research has to be done. Here it is
identified that what are the trends in the market, who is the most potential customer and what
level of rivalry is present against the product. This is the most time consuming step as success of
the whole stem depends much on it as how authentic data is collected by the marketer.
Strategy – This is the next step which is completely depended upon the information that is
gathered at the above step. On the basis of same the future tactics are made as implementing
what strategy maximum target customers can be attracted. Strategies for the focused groups are
made as how the products and services are going to be marketed and using what channels more
customers can be reached.
Implementations – It is the step where all the planning done is converted into action. For
the success of this step it is required that the preceding two steps are performed in a way that no
important factor is missed out. Before actually making the plan into practice it is ensured that all
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the resources that are going to be required for the implementation are available and everyone
involve in the same process are well communicated about the process (Getty, 2015).
Measurements – This is the final step where close monitoring of the results of the whole
process that is carried out is taken so that it can be identified that weather the work done is as per
the planning or not. It helps in evaluating any error or modification if required in the process.
Question 8
In order to evaluate the marketing opportunities marketer can use different techniques
which are as follows:
Buyer survey – This is the most appropriate medium through which it can be identified
that what are the expectations of the buyer. Knowing the intentions of the market helps in
determining what product will help maximum chances of capturing more share of customers and
hence accordingly the decisions would be taken. The relevant information will be available
through the different data collected with the help of surveys in which the related questions are
asked from the clients and accordingly the business planning is done (Vasilchenko and Morrish,
2011).
Sales data – Another appropriate tool to get the right forecasted data is going through the
past records. In this process organisation can analyse the past sales trends and on the basis of
same can determine the predictable demand in future. On the basis of same it can also be
determined that what changes are required in the marketing process so that better planning is
done for future.
Question 9
Trend analysis is one measure through which market growth rate can be identified by the
business. If it is analysed that there is a certain percent change in the total sales for a particular
year and it continues from many years then same can be predicted for future too and accordingly
the arrangements have to be done.
Question 10
Return on investment is a tool through which the performance of any measure used is
calculated as how effective it was to deliver he expected outcomes. It gives the revenue
generated from different investments which are done once with the desire of earning returns on
same. It can be calculated in the following manner:
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ROI = Current value of investment – Cost of investment
Cost of Investment
SECTION 2
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Marriott’s is a huge brand in the hospitality industry. It was founded in the year 1957 and
since then it is known for its quality services. It delivers accommodation and food services to its
customers. it delivers the products like hotels resorts restaurants etc. and with the help of these
products variety of services are also made available. There is continuous growth in the products
like Marriot as people are becoming more aware about the brand and has capacity to spend. The
middle class group people are also taking interest in the branded products and can be considered
as a new emerging market for Marriott’s. Specifically, in China people prefer more the premium
products with the increase in their total disposable income. Asia pacific and Latin America are
also some of the emerging markets for this brand. As Marriott’s is dealing in the hospitality
industry it faces immense completion from the other big brands who also deliver the similar
services to customers (Mastorakis and et.al., 2011). There is list of hotels like Hyatt, Choice
hotels, four seasons, Mandarin oriental etc. which divides the overall potential market for
Marriott’s. They by maintaining good quality of product and services develop targets for
Marriott’s too and hence this way pressure is created in overall operations of brand.
In order to further analyse the opportunities for Marriott’s its strength and weaknesses are
identified below so that it could be found that what are the core competencies of brand:
Strength
Marriot way – This is one of the major strength of this brand. The top management designs the
norms which are strict and needs to be followed by every employee working at different
locations of Marriott’s. Most of the polices which are made by this brand focus on full capacity
utilisation of the resources.
Global presence – Another competitive advantage which Marriot’s has with itself is of its
presence across the world. It is there in around one twenty-two countries and presently its 600
properties are running.
Motivates innovation – With the continuous demand in the improved and different services by
clients, Marriott’s believes in making innovation to its products and services which further helps
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in keeping the visitors attracted towards the brand name. It further assist in creating higher
benchmarks for other hospitality organisations.
Power of positivity – management of Marriott’s has a positive approach toward the different
situations it faces and do not lose hope easily. Even if there is a negative result the top executives
maintains the optimistic outlook and hence this way stay ready to compete anytime anywhere.
Weaknesses –
Global expansion – Though it is a strength of Marriott’s same weakens the operations of
this brand. Due to the globally speeded operations it is sometimes possible that the brand may
get affected due to excessive work load and ignorance of any important factor.
Competition –This is another issue which is common in most of the brands. Marriott’s
gets pressure from the other brands which has also established its name in the industry (Berry
And et.al., 2010).
Involved in controversies – Customers have close substitutes with them and any small
mistake by the executives of this brand will result into switching to another company by the
visitors. Marriott’s was once involving in the issue of Wi-Fi blockage which was personal and it
lead to immense risk of privacy. It affected much to the brand name and hence the negative
impact of same were evident in future sales. Such incidents give long lasting impact and should
be avoided to maintain the brand image.
Deep rooted to families - Founders of Marriott’s has their main focus on inviting and
delivering services to the families. This value is followed in a very serious manner that most of
the changes and innovations made in the practice are according to the requirements of the
customers coming as a family.
Bad publicity – In case of hurricane Irma struck the Caribbean island of St. Thomas Marriot
helped in the recue process but only assisted its own clients. It left a very bad impression on the
other people who were left behind and hence affected the brand image.
2 Potential marketing opportunities for Marriott’s
Opportunities are the different favourable options which are available with the brand and by
exploiting same organisation may do better business and can grow in the long run. Marriott’s is a
global brand and has many options available to further increase the scale of operations and
develop its overall business.
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Objective of Marriott’s – To become one of the most effective brand in the hospitality
industry.
Vision of Marriott’s – To become the premiere provider and facilitator of leisure &
vacation experiences in the world.
Mission – To enhance the lives of our customers by creating and enabling unsurpassed
vacation and leisure experiences.
Structure of Marriott’s – It follows the hierarchical structure in every chain.
 Segment - Leisure travellers, business travellers, premium travellers
 Target Group - Upper class, honeymooners, corporates, families
 Positioning - Prime location and luxury living
Some of the major opportunities that are available with this brand are as follows:
Accelerating Starwood – As per the Capuano it is said that Marriott’s has immense
opportunities in Starwood 3layerd pool of brands. Number of new hotels can be started by
Marriott under the luxury, autograph and like collections. As the promotion strategies of this
brand are effective enough it is believed that overall growth of this enterprise can be raised. The
most tough competitor for Marriott is Ritz – Carlton and it can create a better rivalry by raising
more number of new deals which are effective enough and create pressure on customer while
making their choice. Overall scale of operation if improved by the selected brand then the
business of Ritz – Carlton can be affected (Chabowski, Mena and Gonzalez-Padron, 2011).
Establish brand growth – Company by highlighting all its services in which it is doing
excellent should be well promoted as a strategical tool and hence customer loyalty can be
achieved. Apart from this the past trends of brand growth should also be highlighted using the
different measures as this will help in knowing how effectively Marriott’s is working
continuously. It will create a better image of the enterprise in hospitality industry.
International select service expansion – This is another positive change which can be
continue by the selected enterprise. under this Marriott’s can give option to its different
customers to select the service brands internationally and this will help in attracting more users.
For same Marriott’s needs to adopt more advanced technologies and experts who can facilitate
the clients with what exactly they want. More of personalised attention needs to be given to the
customer so that maximum satisfaction is delivered. When dealing with the changes in the
services it is important proper training and development is provided to the personnel as to assist
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the visitor it is important that the work force has complete knowledge about the requisites of
same. in this customers will be able to customize their requirements and will place the order well
in advance before their check – ins so that they get exactly what they want to pay for. This is
going to target specifically the families and other business officials who has different objectives
behind their stay at hotel and has particular requirements (Hacunda, 2017).
Expansion – This is one of the most effective opportunity which is available with the brand
to grow. Although Marriott’s has global presence still there are many areas where it can start its
operations and can add more clients. This will help in raising the competitive advantage for the
company and hence an increase in overall revenues can be found. By maintaining same quality
of services at new locations customer loyalty will increase and it can become the first choice of
the clients. This would require lots of capital investment and more human resource so that no
compromise with the quality of services is made. It should be first identified what are the most
demanded services of particular area and accordingly the development of infrastructure should
be made. It will assist in knowing how and using what resources more customers can be
attracted.
Focus on all segments instead of targeting just the families – As discussed above
Marriott’s prime customers are the families and most of its services are developed targeting them
only. The promoters believe in attracting more of families which limits its overall segment of
market. Other major segment of market which is the young generation find the property boring
or less appealing and therefore do not keep Marriott’s on their preference list. This way the brand
is ignoring a very effective customer base. By redesigning some of its properties where
maximum young generation customers are predicted it can add a good number to its loyal
customers. The discussed segment does not spend much on their stays and therefore by
developing the more modified services it can offer different packages which are affordable so
that it can improve its customer base. This may result into loss of loyal family customers as they
may not like his idea. The decent image of the brand may get affected (Yurievna, Anatolyevna
and Zivkovic, 2017).
More collaborations – There are many reputed brands as mention above who are delivering
almost the similar services to the customers. Marriott’s by collaborating with them can also
improve the overall global presence. This will help in controlling the overall cost of capital as
investment in human recourse and development of infrastructure will not be required. This way
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the saved amount can be further utilised in developing if more quality services and hence the
customer satisfaction level can be raised. Here the major risk which is involved is of brand
image as any mistake done by either of the brands collaborated will have a direct impact on the
overall brand image of both the firms. Once a negative publicity is done the names cannot be
separated at the same time (Afzal and Zafar, 2014B).
SECTION 3
Covered in PPT
CONCLUSION
From the above report this has been concluded that marketing is an important activity that
helps organisation in carrying out its different practices. It is a complex process and is inclusive
of distinct activates which need to be performed effectively. There are many elements of
promotion and together they assist in overall achievements of targets. Planning is done which
shows that before starting with a new project executive must analyse the different opportunities
which are available in the market.
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REFERENCES
Books and Journals
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Muralidharan, K. and Raval, N., 2017. Six Sigma marketing and productivity improvement. A
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professions allied to technical services in the NHS–marketing opportunities, lessons
learnt and recommendations. Health Information & Libraries Journal. 28(3). pp.179-
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Housden, M., 2012. CIM Coursebook Marketing Information and Research. Routledge.
Getty, J., 2015. MKTG3730-01. Digital Marketing. F15. Getty, JacQueline.
Vasilchenko, E. and Morrish, S., 2011. The role of entrepreneurial networks in the exploration
and exploitation of internationalization opportunities by information and
communication technology firms. Journal of International Marketing. 19(4). pp.88-105.
Mastorakis and et.al., 2011. New business strategies and marketing opportunities utilizing a
liberalized spectrum management framework. WSEAS Transactions on Business and
Economics. 8(2). pp.39-49.
Berry, L.L. And et.al., 2010. Opportunities for innovation in the delivery of interactive retail
services. Journal of Interactive Marketing. 24(2). pp.155-167.
Chabowski, B.R., Mena, J.A. and Gonzalez-Padron, T.L., 2011. The structure of sustainability
research in marketing, 1958–2008: a basis for future research opportunities. Journal of
the Academy of Marketing Science. 39(1). pp.55-70.
Hacunda, C.L., 2017. # KeepVolunteeringCool-A Marketing Analysis of the URI Service Corps.
Yurievna, I.T., Anatolyevna, K.Y. and Zivkovic, S., 2017. Marketing activity performance:
valuation problem and its resolution. Ekonomika, Journal for Economic Theory and
Practice and Social Issues, 63(1350-2019-2831), pp.13-24.
Afzal, A. and Zafar, F., 2014. The role of strategic corporate social responsibility in effective
brand management: A qualitative research in Pakistan's economy to identify the gaps
and opportunities regarding adoption of CSR. International Journal of Marketing and
Technology. 4(3). p.147.
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